The correct measure of the deficit is represented by which of the following expressions?
A) iB - G + T.
B) iB + T - G.
C) rB - G + T.
D) (i - ?)B + G - T.
E) none of the above
D
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Refer to Table 11.1. What is the value of GDP?
A) $7,450. B) $7,250. C) $7,150. D) $7,350.
A monopolistic competitor, like a(n) ____________, faces a downward-sloping demand curve.
a. monopolist b. perfect competitor c. oligarch d. new entrant
What is willingness to pay?
a. The maximum amount a buyer is willing to pay minus the minimum amount a seller is willing to accept. b. A measure of the value that a buyer places on a good. c. The amount a seller actually receives for a good minus the minimum amount the seller is willing to accept. d. The amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.
An increasing-cost industry will have
A. a perfectly elastic long-run supply curve. B. an upward sloping demand curve in the long run. C. a perfectly inelastic long-run supply curve. D. an upward sloping supply curve in the long run.